The Capital Projects and Financing Task Force voted this week in favor of recommending agreements for the Summit Sports Complex. Land for the project is located at the northeast corner of Interstate 35 and Covell.
As a separate item, the ground lease agreement for a $25 million Hilton Garden Inn Hotel and conference center was also recommended to the City Council.
The common investment in the community is about $40 million, said Steve Commons, assistant city manager.
In April the City Council approved the $2.2 million purchase of 7.13 acres of undeveloped land at the hotel site to be located on the northwest Corner of I-35 and Covell. The $2.2 million was taken from the city's Real Property Tax Fund. The task force also voted in favor of reimbursing the $2.2 million to the city's Real Property Tax Fund from the Capital Projects Tax Fund.
Edmond is a growing community with the need to develop sports venues, Commons said. Purchasing the land for the sports complex cost the city $2 million. The city of Edmond has a history of providing land for nonprofit recreational sports development, Commons said.
"One way to characterize this is that the city is providing a portion of the financing of this project for a long-term loan type arrangement," said Ken Rees, task force chairman.
Development of the $15 million Summit Sports Complex is the responsibility of principal owners Derek Turner and Davis Hudiburg, Commons said. They would also be responsible for operating the 170,000-square-foot sports facility.
"In 15 years there is what's called a flip option in which they buy back to pay us for the land that we purchase," Commons said.
The city would provide the land for the sports complex and lease it to the developer for $5,000 a month, Commons said. Payments would begin by April 1, 2014, or if an occupancy permit is issued before that date.
Task force member David Miller said the city will not make any improvements to the property.
"We have no money in the building," Commons said. "The community benefits by a number of sports courts that don't exist in the community."
Features would include a grill, cafe, a restaurant and/or deli, a fitness and training facility and an athletic equipment retailer. Plans call for the facility to be used for competitive and recreational athletic tournaments, athletic camps and academies and other relevant customary uses.
Distributed by MCT Information Services
Most Popular Stories
- Schedule packed with talent at the Fox
- I never set out to be a role model but it's great to be one ; IN THE HOTSEATBetter known by his stage name Wretch 32, Jermaine Sinclair is a 28-year-old rapper from London. In 2011 his debut album Black and White sold over a million copies and scored three top five singles. His latest single Blackout was released this week
- European Car Sales up First Time in 20 Months
- Promoter McLean 'provided more musical joy than Dylan and Prince combined'
- Entrepreneurs Chase Social Media
- Emirati announces new film project at Cannes
- SET PHASERS TO DUMB Spock emotional and in love? Nonstop explosions? The highly illogical enterprise of J.J. Abrams' 'Star Trek'
- The Blade, Toledo, Ohio, TK Barger column
- SINCE YOU ASKED [Pittsburgh Tribune-Review (PA)]
- Detroit Free Press Julie Hinds column